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HomeMy WebLinkAbout2595 . • ` ~ + ~ ~ Lender's written agreement or applicabb kw. Borrower shall pay the amount of all mortgage insunanoa.~remiums in the manner provided under paragraph 2 heroof. /1ny amounts disbursed by Lender pursuant to tha paragraph 7, with interest thereon, 'shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agooe to other tents of payment. such amounts shall be payable upon notice from lender to Borrower requesting payment thereof, and shall bear interest from the date ot.disbursement at the rate payable from time to time on alt:landing principal under the Note unless payttxnt o[ interest at wch rate would be contrpry to applicable law, in which event such amounts shall bear interest at the hightnt rate permisaibk under applicable law. Nothing contained in this paragraph 7 shall require I~nder to incur any expense or take any action hereunder. s. IaspecHoa. !.ender may make or cause to be made reasonable entries upon and inspections of the Property. provided that i_ender shall give Bdrgtt~ ttotk`t5yprior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. ' 9. Condetngtbat The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. are hereby assigned and ::tall be paid to [.ender. in the event of a total taking of the Properly. the proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwix agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the ama?nt of the sums secured by this Mortgage immediately prior to the date' of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Bor:ewer. or if. after notice by i.endtr to Borrower that the condemnor offers to make an award or xttle a claim for damages. Borrower fails to respond to i_ender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at fender's option, either to restoration or repair of file Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Eorrower Nof Released. Extension of the time far payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any c?tccessor in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Borrowers successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums xcured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance h)' Leader Not s Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedks Ctw?nlstire. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, indtpendently or s?tccessively. ' 13. Successors atd AssiRas Isound:.Ioiat and Several f.iaM'lity; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender attd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. 14. Notke. Except for any notice rcyuired under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certifled mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to tender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested. to lenders address slated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. UaKotrm Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations h}• jurisdiction to constitute a uniform security instr?tment covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the i event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Notc which can be given effect without the conflicting provision. and to this j end the provisions of the Mortgage and the Note arc Declared to be severable. 16. dorrowet's Copy. Borrower shall he furnished a conformed cop} of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. l7. Transfer of the Property: Assumption. If all or ant• part of the Property or an interest therein is sold or transferred I by Borrower without Lenders prior wrinen cons:.nt. excluding la) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money security interest for household appliances, (c) a transfer h}• devise. descent or by operation of law upon the death of a joint tenant or (dt the grant of any leasehold interest of three years or less not containing an option to purchase, [_ender may. at Lender's option, declare all the sums xc?tred by this Mortgage to be E immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, !.ender t ' and the person to whom the Property is to be :o1D or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower ~ successor in interest has executed a written assumption agreement accepted in writing by I~nder, Lender shall release Borrower from al! obligations under this Mortgage and the Note. ~ If Lender exercises such option to accelerate, 1_ender shall mail Borrower notice of acceleration in accordance ith } paragraph 14 hereof. Such notice'shall provide a period of not lest than 30 days from the date the notice is mailed within i which Borrower may pay the sums declared due. If Borrower tails to pay such sums prior to the expiration of such peri~xl, Lender may, without further notice o~ demand on Borrower, invoke any remedies permitted by paragraph 1R hereof. ; - ~ Nort-UNIFORM CovENAH7s. Borrower and tender further covenant and agree as follows: 18. Accekratioa; Remedks. Except as prorWed in paragrsph 17 hereof, upon Eorrower's breach of any cortasat or agreement of Eorrower is fhb Mortgage, iadudiag the covenants to pay wbeo doe any saris secured by this Mortgage. Lender prior to scceientba shsB atail wotke to Borrower as provided in paragrspl? 14 hereof specifying: (1) the btreach;l2) the sctioa € rtegaired to croe twc6 breach; (3) a date, not less than 30 days from the date the aotke b stsilcd to torrower, by wttkh such 'r breach rotuM fie erred; sod (4) Iht?t failuro to cure such breach oa or before the date specified in the rwtke nay result is sccekratfiou of the swss ttecured by this Mortgsge. foreclosure by jadkial proeeediag and sale of file Properly. The notke ` shall further inform Eorrower of the right to reinstate utter acceleration and the right to assert in the torecbsntro proceeding the non-existence of a defauM or asy other defense of Borrower to sccekrstion and forecbsun. It the breach b not cared oa , or before the date specified is the notke. Lender at Lender's option may declare aN of the sums secured by this Mort~,e to be immediately due and payable without fnrther demand and may foreclose fhb Mortgage by judkial proceeding. I.enAer chat! be eotttkd to collect iA slosh proceeding aq expenses.?f foreclosure, isclnding. but sot Ymited to, reasonable att„rnri's fees. ( and coats of uuc~~teatary eridesce. abstracts and title reports. i 19. llsorrowe?'s Right to Reinstate. Notwithstanding lenders acceleration of the sums secured by the Mortgage, Borrower shall have the right to have any proceedtngs hrg?tn by Lender to enforce this Mortgage discontinued at an}• time r I~ , ~J6 PA~E25 92 _ h